now what, page-18

A very good assessment

Sometimes, hold companies long enough and they will reward you....the SIR shareholders will tell you that...but there are many other examples.

HLX is simply a case of investors allowing others to determine their fate.

This has lead to changed priorities and what has appeared to be some wrong decisions in terms of value creation.

However, management is aware of this.

Non core assets are likely to be sold in my opinion.

South America looks as though it is shaping up as a potential company maker...the question is?

If further exploration proves successful, how big will it get?

That is unknown, but at the current market capitalisation it is very cheap and there appears to be little downside.

The upside looks significantly more.

Is this a trading stock...not at all

It is very tightly held...of course at some point this may mean the stock may gap up - perhaps more than once.

Unlike some other companies, the MD has continuously increased his stake over the years...another positive...

2013 may be a defining year in the company's future.

Regards

ducksoup